Given World Youth Day and this religious environment, you might forgive us for drawing on the adage "the Lord giveth and the Lord taketh away". Because no sooner had Federal Treasurer Wayne Swan given us a tax cut then the banks took away the proceeds with another rate hike.

We have had eight official rate rises over the past three years. But the big banks, not satisfied with record profits, have jumped home loan rates beyond those official increases.

In part the banks are doing this to insulate their balance sheets from the unfolding impact of the subprime crisis in the United States. And with other US lenders looking shaky we should be prepared for more pain.

Mr Swan says customers will exercise more power under the Government's new "bank switching" legislation, which allegedly will make it easier for customers to exit a loan for a better deal.

It is true there are other good options for home loans outside the big banks and customers should explore opportunities.

However, the broader economic landscape will need to improve before residents experience any greater relief.

And another thing ...

Cardinal George Pell issued an edict yesterday to populate or perish - and it seems the animal kingdom at least has responded quickly. Scientists say one species is getting down and dirty at a much younger age as an instinctive way to save itself from the fate of the dodo. Those horny little Tassie devils.